NH3 CLEAN ENERGY LIMITED has unveiled important updates on two fronts that could influence its future prospects. The company’s partner, Green Critical Minerals, has released a Pre-Feasibility Study highlighting the potential of the graphite business at NH3’s McIntosh land package. The study reveals strong financial metrics, including a pre-tax NPV8 of A$340 million and a post-tax NPV8 of A$235 million, along with robust internal rate of return figures of 29.6% pre-tax and 25.3% post-tax. The graphite project boasts a long mine life of 32.5 years, with prospects for extension pending further metallurgical testing and exploration. Notably, the McIntosh Graphite Project is positioned as the fourth largest graphite resource in Australia, with a JORC compliant Mineral Resource Estimate exceeding 30 million tonnes. Although there are ongoing legal proceedings regarding the compliance of the partner with the earn-in agreement, the technical indicators underscore a strong resource base. In parallel, NH3 CLEAN ENERGY LIMITED is advancing its flagship WAH2 clean ammonia project. Designed to provide low-emissions ammonia for the energy transitions in key Asia Pacific economies—including Japan and South Korea—and to serve as a source of decarbonized bunker fuel for bulk carriers, the WAH2 project has successfully completed its pre-Front End Engineering Design studies. The project timeline is progressing steadily, with FEED studies scheduled to begin in mid-2025, followed by a final investment decision in late 2026, and production anticipated in the second half of 2029. With previous milestones such as the scoping study and preliminary feasibility study achieved on time and within budget, the project is well positioned to benefit from growing regional demand for low emissions energy. Investor sentiment appears mixed. On the bullish side, the impressive NPV and IRR figures from the graphite project and the strategic importance of the WAH2 initiative portend significant long-term value, potentially boosting the company’s market relevance and shareholder returns. However, concerns remain on the bearish front due to the ongoing court proceedings related to the earn-in arrangement and the inherent risks of aligning multiple commercial agreements before full-scale project execution. Overall, these developments reflect a balance of promising growth opportunities amid typical execution risks in the evolving future energy landscape.